Vietnam gets support from APEC members for economic reforms

Source:Xinhua Published: 2014-11-12 22:26:23

During the two-day Leaders' Meeting of the Asia-Pacific Economic Cooperation (APEC) that concluded in Beijing Tuesday, many APEC member economies and top business executives pledged to continue supporting Vietnam as the country implements its economic reforms and global integration, said Vietnamese Deputy Minister of Foreign Affairs Bui Thanh Son Wednesday. In an interview with the state-run Vietnam News Agency (VNA), Son said that APEC economies have hailed Vietnam's international integration efforts in all fields as having contributed to the maintenance of peace and stability in the region and in promoting dialogue and regional connectivity.

The APEC leaders have reaffirmed to continue working closely and share experiences with Vietnam when the country works as a coordinator between ASEAN and APEC in 2015 and hosts the APEC Summit in 2017, he said.

He said that while in Beijing, Vietnamese President Truong Tan Sang met with APEC leaders on the sidelines of the summit, including Chinese President Xi Jinping, and the presidents of Indonesia, the United States, the Philippines, Chile, Peru, Russia, South Korea, Brunei, Japan, Thailand, Papua New Guinea, and New Zealand.

Addressing the APEC CEO Summit in Beijing, President Sang said that regional connectivity is the key in achieving economic reforms and international linkages that Vietnam has already started to implement.

President Sang also called on world business leaders to continue providing Vietnam with the needed financial and technical assistance to upgrade the country's infrastructure so that it can achieve further economic growth.

A cross-section of the Vietnamese public also lauded China's hosting of the APEC Summit and its related meetings. "The meetings will certainly expand cooperation, diplomacy and alliance among APEC member economies," said a Vietnamese citizen in capital Hanoi.

"For Vietnam, the cooperation with other members of APEC will strengthen peace, promote diplomacy and attract more foreign investors to come to Vietnam," Do Duc Loc, an 18-year-old student said.

He said that cooperation in APEC will provide Vietnam with many benefits "since good diplomacy will facilitate trade and commodity exchanges."

Le Anh Tuan, a 28-year-old supermarket employee, said: "The more Vietnam can integrate into the world arena, the better for its economy and people."

Tuan said that Vietnam has a lot to learn from the experiences of developed economies in the Asia-Pacific region, including China, which is now the world's second largest economy.

However, Tuan said, while it is important to learn from other countries' experiences, the ultimate success of Vietnam's economy will depend on its domestic policies, particularly those related to foreign investments. Vietnam hosted the APEC Leaders' Meeting in 2006; it is set to host the APEC Summit in 2017. The next APEC Summit will be held in the Philippines next year.

Among the highlights of the APEC Leaders' Meeting was the launching of the process for the establishment of the Free Trade Area of the Asia-Pacific (FTAAP) and the issuance of the 22nd APEC Economic Leaders' Declaration.

"I think through meetings like APEC, Vietnamese leaders can learn from the socio-economic development of other member economies and maybe apply them to Vietnam," Nguyen Phuong Truong, also a student said.

Founded in 1989, the 21 APEC economies make up for 40 percent of global population, 57 percent of the world's GDP, and 46 percent of the global trade.

Vietnam joined APEC in 1998. Economies in APEC have invested some 189.5 billion US dollars in Vietnam as of the end of September 2014, accounting for over 78 percent of total registered foreign direct investment (FDI) in the country.

In addition to FDIs, APEC member economies are also the major trading partners of Vietnam. In the first nine months of 2014, bilateral trade between Vietnam and China was valued at over 42.3 billion US dollars.

During the period, Vietnam-US trade and Vietnam-South Korea trade reached 25.5 billion US dollars and 20.9 billion US dollars, respectively, according to Foreign Investment Agency under Vietnam's Ministry of Planning and Investment.

Posted in: Asia-Pacific

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